HomeMy WebLinkAboutA001 - Email dated November 3, 2014 between Finance Director and Bond Counsel Page I of I
TIF Reporting to State DOM and County Auditor
Duane R Pitcher
to:
Josten.Robert, BURMEISTERJ, gerlachs
1 1/03/2014 04:47 PM
Cc:
Diane R Voss
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Bob, Jon, and Susanne,
I'm putting together the City of Ames TIF reporting for both the Iowa Department of Management
(DOM) online reporting and our reporting to the County Auditor (both due on December 1). I
talked through our TIF district reporting with Susanne last Friday but wanted to run by all parties
to double check and make sure I have not missed anything.
DOM Reporting:
This report looks back to the prior fiscal year, for FY 13/14 we had financial activity only in the
South Bell TIF, no issues or questions I am aware of with this report and I have done and ready to
go.
Reporting to the County looks forward to the next budget year FY 15/16 this is where I am little
less clear.
For the South Bell TIF: Debt is outstanding, we continue to claim the entire increment so I think
no reporting to the county is needed.
For the Kingland TIF Rebate Agreement: Per our agreement with Kingland the first year we will be
collecting in rebating property taxes is FY 16/17. The City will collect and rebate TIF up to an
agreed upon number or for 10 years ending in FY 25/26, which ever occurs first. Based on this I
think no reporting to the county is needed. By my records we have not adopted the TIF ordinance
for the Kingland TIF rebate, would like input on timing from Bob on when this should be done.
For the ISU Research Park TIF. This is going to council on November 10 and they City Manager
plans on passing everything in one meeting. We expect to start spending on the project in FY
14/15 and issue debt early FY 15/16. I'm not sure if I need to certify our expected debt to the
county or can wait until next year. Also per my discussion with Susanne, sounds like we should
pass a reimbursement resolution for the project.
I would welcome any input you have on the above, and thanks Susanne for talking through this
with me.
Duane
Duane Pitcher, CPA, CPFO
Director of Finance
City of Ames
515 Clark Avenue
P.O. Box 811
Ames, Iowa 50010
Phone (515) 239-5114
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RE: Reimbursement Resolution for ISU Research Park TIF
Josten.Robert
to:
DPitcher
11/06/2014 01:50 PM
Cc:
gerlachs, BURMEISTERJ, SSchainker, DVoss
Show Details
I will send you the basic fore-Tiat of the resolution, and you can fill in blanks defining projects and maximum
an;oLint> to be spent/borrowed.
Robert E.Josten
DORSEY & WHITNEY LLP
t
From: Duane R Pitcher [ma i Ito:DPitcher@city.ames.ia.us]
Sent: Thursday, November 06, 2014 1:47 PM
To: Josten, Robert
Cc: gerlachs@pfm.com; BURMEISTERJ@pfm.com; Steve Schainker; Diane R Voss
Subject: Reimbursement Resolution for ISU Research Park TIF
Bob,
We would like to proceed with a reimbursement resolution for spending on ISU Research Park
infrastructure improvements that will be funded with our FY 15/16 GO bond issue. Please let know
what information you need to get this process started.
Thanks,
Duane
Duane Pitcher, CPA, CPFO
Director of Finance
City of Ames
515 Clark Avenue
P.O. Box 811
Ames, Iowa 50010
Phone (515) 239-5114
file://C:\Documents and Settings\diane.voss\Local Settings\Temp\notesElEF34\—web5154... 1 1/6/2014
10
December 10, 2014
Diane Voss
City Clerk/City Hall
515 Clark Avenue
P.O. Box 811
Ames, Iowa 50010-0811
Re: Reimbursement Regulation Resolution/ISU Research Park TIF
Our�19370-53
Dear Diane: `��—�
In response to a request from Duane Pitcher, I have prepared the enclosed resolution
which may be adopted by your City Council on March 3 in order to comply with federal
regulations and to preserve the City's eligibility to be reimbursed from future tax exempt bond
proceeds for cash spent on the infrastructure projects in the Iowa State University Research Park
Urban Renewal Area.
Please make sure some dollar figure is inserted in the blank in Section 2 of the resolution.
Please return one executed copy of the resolution to us for our files.
1�
�j Very truly yours,
Robert E. Josten
Cc by email: Duane Pitcher
Steve Schainker
Judy Parks